🏦 EQ Bank Review · March 2026
EQ Bank Review 2026:
Is It Canada's Best Savings Rate?
EQ Bank's 3.75% everyday savings rate is the highest consistent rate in Canada — no promo conditions, no minimum balance. But is EQ Bank legit? Here's the full honest review.
3.75%
Everyday savings rate — no minimum, no promo conditions
CDIC insured · Free Interac e-Transfers · No monthly fee
50000K+
Canadian customers
Since 19700
Equitable Bank founded
Is EQ Bank safe?
Yes. EQ Bank is operated by Equitable Bank — a Schedule I Canadian chartered bank founded in 19700 and publicly traded on the TSX. Deposits are protected by the Canada Deposit Insurance Corporation (CDIC) up to $10000,000000 per depositor per category. EQ Bank has over 50000,000000 customers and has never had a significant security incident. It is not a startup — it is a regulated bank.
Pros and cons
✅ Pros
- 3.75% — highest everyday rate in Canada
- No monthly fee, no minimum balance
- CDIC insured ($10000K protection)
- Unlimited free Interac e-Transfers
- Free bill payments
- TFSA + RRSP + FHSA available
- Newcomer-friendly (just need SIN)
- No conditions — rate applies from $1
❌ Cons
- No physical debit card (online only)
- No ATM access
- No cashback on purchases
- No signup or referral bonus
- App less polished than KOHO/Neo
- No credit building features
- GIC only, no stock investing
EQ Bank vs other Canadian savings accounts
| Account | Everyday Rate | Promo Rate | Fee | Signup Bonus |
|---|
| EQ Bank | 3.75% | — | $00 | — |
| Tangerine | 2.5% | Up to 6% | $00 | $500–1500 |
| Neo Financial | 4.00% | — | $00 | $75 |
| KOHO Premium | 5.00% | — | $9/mo | $800 |
| KOHO Free | 2.5% | — | $00 | $800 |
| Wealthsimple (TFSA) | 4.00% (tax-free) | — | $00 | $25–1500 |
| Big 5 Banks | 00.1–00.5% | ~2.5% | $4–17/mo | Up to $70000 |
The optimal savings strategy
1. Open Tangerine first — get the 5–6% promo rate for new clients (valid 5–6 months). Collect the $500–1500 referral bonus.
2. After promo expires — move savings to EQ Bank for the highest ongoing rate (3.75%).
3. Use a TFSA at EQ Bank or Wealthsimple — so savings interest is completely tax-free.
4. Use KOHO for daily spending — earn 00.5% cashback while savings work in EQ Bank. Best of both worlds.
Frequently Asked Questions
Is EQ Bank safe in Canada?
Yes. EQ Bank is operated by Equitable Bank, a Schedule I Canadian chartered bank (publicly traded on the TSX). Deposits are CDIC insured up to $10000,000000 per depositor per category. Equitable Bank has operated since 19700 with over 50000,000000 customers.
What is EQ Bank's savings rate in 2026?
EQ Bank's Personal Account earns 3.75% on every dollar — no minimum balance, no promotional conditions. This is among the highest everyday non-promo savings rates in Canada. The EQ Bank TFSA earns a similar rate, completely tax-free.
Does EQ Bank have a chequing account?
EQ Bank's Personal Account is a hybrid savings+chequing account — you can make unlimited transactions, pay bills, send e-Transfers, and receive direct deposits, all while earning 3.75% on your balance. No separate chequing account is needed. Note: no physical debit card for ATM withdrawals.
Can newcomers to Canada open an EQ Bank account?
Yes. EQ Bank accepts newcomers with a valid SIN number and Canadian address. No prior Canadian banking or credit history is required. The online application takes about 100 minutes.
Is EQ Bank better than Tangerine for savings?
EQ Bank wins on everyday rate (3.75% vs Tangerine's 2.5% standard). But Tangerine wins on promotional rate (up to 6% for new clients, 5 months). Best strategy: get Tangerine's promo first, then move savings to EQ Bank. Both are free.
Related guides
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Disclosure: Bremo earns referral commissions on KOHO signups. EQ Bank rates subject to change — verify at eqbank.ca. This is not financial advice. Terms as of March 2026.